CARY AND RALEIGH, N.C. — Blake Okland and Dean Smith of Apartment Realty Advisors’ Charlotte office negotiated the sale of a $61 million, 638-unit multifamily portfolio in Cary and Raleigh on behalf of the seller, an affiliate of Grand Prairie, Texas-based Fairfield Residential. The buyer was an affiliate of Julian LeCraw & Co. Cornerstone is a 302-unit complex featuring one-, two- and three-bedroom apartment homes, averaging 969 square feet. Amenities include a resort-style swimming pool, business center and fitness center with sauna. North Park is a 336-unit community comprised of one- and two-bedroom apartment homes, averaging 900 square feet. The property includes a cinema room, indoor racquetball court, resort-style swimming pool and fitness facilities.
Southeast
GREENSBORO, N.C. — Sacramento, Calif.-based Tower Investments has purchased 30 acres in Greensboro, formerly the site of the Guilford Mills plant, for future retail development. The property is located along Hornaday Road near Interstate 40 and I-840. The current 300,000-square-foot industrial building on the property will be leased until an anchor retail tenant has been secured. Don Moss of Charlotte, N.C.-based Hart Corporation represented the buyer, and the seller was represented by Tom Townes of Greensboro-based Triad Commercial Properties.
RALEIGH, N.C. — Boston Capital Partners and Fairfield Residential are developing Fairfield Corporate Center Apartments, a 15-story, 350-unit garden-style community in Raleigh, near the Research Triangle Park. The complex will consist of 15 three- and four-story buildings containing 176 one-bedroom, 150 two-bedroom and 24 three-bedroom units, averaging 1,009 square feet. Amenities include a resort-style swimming pool, spa, state-of-the-art athletic center and business center. Construction began in January and is projected to be completed in December 2009.
TUSCALOOSA, ALA.— Birmingham, Ala.-based Capital Growth Buchalter is building Commons North, a $40 million, 50-acre mixed-use development in Tuscaloosa. The project includes 242 of Class A multifamily units; 8 outparcels for fast food, casual dining and financial tenants; and an 8-10-acre office park. The project is in the final phase of completion, which will deliver high-end retail shops in spring 2009. Current tenants include CVS Pharmacy, Buddy’s Food Mart, Regions Bank and a multi-story storage facility. The center is located at intersection of Rice Mine Road and New Watermelon Road.
COLUMBIA, S.C. — Holder Properties is developing Main & Gervais, a $60 million, 200,000-square-foot office building in Columbia, in conjunction with co-owners and tenants Edens & Avant, McNair Law Firm and the National Bank of South Carolina. Construction is scheduled to begin on the 18-story building, which is located along Main Street, in July. The first tenants will begin occupancy in December 2009, with the following tenants moving in March and July 2010. The building will serve as a headquarters location for the three co-owners.
DURHAM, N.C. — Duke University has opened The Michael W. Krzyzewski Center for Athletic Excellence, a $15.2 million, 56,000-square-foot athletic facility, in Durham. The complex includes a practice facility featuring two basketball courts, meeting space, an academic center and a special events area. The project began construction in July 2007 and was completed in February 2008. Plans for a 2,500-square-foot plaza-level connector to Cameron Stadium are underway. The Beck Group’s Atlanta office served as project architect.
NEW SMYRNA BEACH, FLA. — Chicago-based Dimucci Companies is building a $15 million, 60-unit luxury condominium property at Bouchelle Island in New Smyrna Beach, located along the Intercoastal Waterway. The five-building project will be delivered in three phases. Construction is slated to begin in the second quarter of 2008 and be completed in the first quarter of 2009. The project is the final phase of Bouchelle Island, a 572-unit condominium development situated around an 18-hole chip and putt golf course. Features include a community center, swimming pool and a 1,380-square-foot boardwalk with boat launch and 84 boat docks.
ATLANTA — Atlanta-based The Carter Real Estate Fund (CREF) has acquired The Dupree Building, a 137,818-square-foot, six-story office building in Atlanta, from Germania Property Investors, an affiliate of Atlanta-based Germania of America, for an undisclosed amount. The Class A building is located at 6120 Powers Ferry Rd. and was 100 percent occupied at the time of sale. Sprint will be vacating 122,590 square feet of space this month. Superior Essex has leased 75,000 square feet of space for its corporate headquarters and will occupy the building in the third quarter of 2008. Tommy Hughes and Beau Terrell of Carter’s Atlanta office represented the buyer. Glenn Kolker of Childress Klein’s Atlanta office represented CREF in the lease negotiations with Superior Essex, and the lessee was represented by Sam Holmes of CB Richard Ellis’ Atlanta office. Carter will lease and manage the building.
HIALEAH, FLA. — WPS Development has purchased a 50,000-square-foot self-storage facility in Hialeah, from TKG Storage Mart, for $6 million. The building is situated on 2.8 acres near Miami International Airport. Steven Tick of Podolsky Northstar CORFAC International represented the seller, and the buyer was represented by Jose Cordera and Pete Garcia of Miami-based Gateway Realty Services.
WASHINGTON, D.C. — Vornado Realty Trust has closed loans, totaling $341 million, for three of its Washington D.C. properties, from an undisclosed lender. The portfolio includes a $150 million loan for a redeveloped office property, located at 2101 L St.; a $104 million loan for a residential development project, located at 1229-1231 25th St.; and a $87 million loan for a residential development, located at 220 20th St.